Kraken Becomes Latest to Win a License Under Europe’s New Rules

Kraken has ensured a regulatory license on the European Union markets within the Krypto Asset (MICA), Company notified Wednesday. Permission granted by the Irish Central Bank allows Kraken to offer crypto services in 27 EU Member States and also three EEA Member States.

“Providing a license from the Irish Central Bank… [is] The strong signal of Kraken’s commitment to expand the crypto ecosystem through a responsible innovation, said Arjun Sethi, CEO of Kraken, in his statement.

“Being the first major global crypto platform to obtain a permission from CBI is confirmed by Kraken’s obligation to build a long -term commitment,” he added. “This license reflects this effort and puts us in a strong position to expand our product range, develop our institutional and retail client base and provide secure, accessible and fully regulated crypto services to millions of other people across the EU.”

The Euro currently represents 17.5% of the global Crypto Trading Global Fiat, which is more than double the stock exchange compared to the previous year.

Eye on Europe

Approval comes only a week after a competing Coinbase exchange notified She received a similar license in Luxembourg. Both moves emphasize how the main crypto platforms compete to deal with the Micica before its gradual implementation.

Sica, which has been fully enforced since the end of last year, introduced a unified regulatory regulatory for a crypto of assets throughout the EU.

In recent weeks, however, the ability of companies licensed in one Member State that is able to offer their services throughout the block, without the need for independent approval elsewhere, has caused criticism.

Some participants and regulatory bodies warn that they can encourage companies to seek approval in jurisdictions with regulatory regulators of lighter touches, and then expand operations of a wider problem, which was also observed in other industries.

Peter Curk, CEO of British Iconomi, He had previously warned That this could lead to a “race to the bottom” in regulatory promotion standards.

The European Securities and Market Authority is currently reviewing the license procedures of Malta and is expected to publish a report on its findings.

Kraken already holds the registration of virtual assets service providers in Ireland, Belgium, France, Italy, the Netherlands, Poland and Spain.

Edited Sebastian sinclair